The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Persistence Market Research’s report titled “n-Hexane Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026” examines the n-hexane market and offers valuable key insights for the next eight years. On the basis of the key findings reported in the study, the n-hexane market is anticipated to witness significant demand from end-use applications such as oil extraction, polymerization, pharmaceuticals, rubber processing, adhesive & sealant, industrial cleaning & degreasing and others (Inks, Glues, leather dressing, etc.)
With a value CAGR of 4.5%, the n-hexane market is expected to reach US$ 2,967.1 Mn in 2026 from a value of US$ 2,089.0 Mn in 2018. The n-hexane market is pegged to create an incremental $ opportunity worth US$ 878 Mn between 2018 and 2026.
n-Hexane Market: Dynamics
n-Hexane plays a key role in industries as an oil extraction agent. It can also improve yield for a variety of seeds and is easy to recycle, which make it the preferred compound in oil extraction processes. Thus, n-Hexane is anticipated to witness strong demand from the oil extraction industry over the forecast period. Rising population in emerging economics, coupled with the increasing demand for oil, is expected to boost the demand for n-Hexane. Among all regions, Asia-Pacific is a prominent market for n-Hexane. Additionally, n-Hexane has many applications in end use industries such as, cleaning, adhesives & sealants, pharmaceutical, textile etc. Increasing demand of n-hexane from the end-use industries as a result of economic growth, especially in emerging markets such as China and India drives the n-hexane market.
n-Hexane Market: Forecast
The global n-hexane market is estimated to grow 1.4X during the forecast period, owing to the growth of applications such as oil extraction, pharmaceuticals, polymerization and rubber processing. From a geographical perspective, China, followed by North America, is expected to dominate the global n-hexane market over the forecast period. On the basis of incremental $ opportunity, Europe is estimated to account for US$ 178.6 Mn in 2018 and is expected to reach US$ 679.7 Mn by the end of 2026.
On the basis of purity, the >90% segment is expected to be a key segment in the market with a value of US$ 1,589.2 Mn in 2018. The segment is anticipated to account for more than three-fourths of the market value share in the n-hexane market during the forecast period. On the basis of growth, the <90% segment is anticipated to grow at a moderate growth rate when compared to then >90% segment in the global n-hexane market during the second half of the forecast period.
Among all grade segments, the oil extraction segment is anticipated to be a prominent segment in the global n-hexane market during the forecast period. In terms of volume, the industrial grade segment is expected to hold approximately one-third of the market share in 2018 and remain prominent throughout the forecast period. The incremental $ opportunity created by the industrial grade segment is pegged to be two-thirds of the incremental $ opportunity created by the overall market.
On the basis of application, the oil extraction segment is estimated to hold more than half the market share in terms of value and volume. Oil extraction is expected to be a significant segment in the market throughout the forecast period, followed by the polymerization segment. In terms of incremental $ opportunity, the pharmaceuticals application segment is expected to create an incremental $ opportunity worth US$ 64.2 Mn in the global n-hexane market between 2018 and 2026.
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- The Exxon Mobil Corporation
- Royal Dutch Shell plc.
- Indian Oil Corp. Ltd.
- Bharat Petroleum Corp. Ltd.
- Chevron Phillips Chemical Company
- Sak Chaisidhi Company Limited
- Liaoning Yufeng Chemical Co., Ltd.
- Dongying Liangxin petrochemical company
- Hindustan Petroleum Corporation Limited